Retail Media Network Is Estimated To Witness High Growth Owing To Rapid Digitalization
A retail media network provides a platform for brands to advertise their products on retailer websites and apps. It allows retailers to monetize their first-party shopper data and unused digital ad inventory. Key functions include campaign management for dynamic creatives and customized offers, reporting and analytics. The global retail media network market is growing rapidly as retailers recognize the opportunity to generate non-traditional revenue streams from their abundant shopper data.
The global retail media network market is estimated to be valued at US$ 1414.48 Bn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rapid digitalization is a key driver boosting growth of the retail media network market. As more consumers prefer online shopping and interacting with brands through digital channels, retailers are investing in developing robust digital infrastructures. Additionally, adoption of advanced technologies like artificial intelligence and machine learning enable retailers to derive deeper insights from purchase behavior and leverage it for targeted advertising. For instance, retailers can identify best performing products and customize offers for similar items to specific shopper groups. Personalized recommendations help boost sales conversion and average order values. Further, integration of retail media networks with CRM solutions allows tracking of campaign effectiveness across online and offline channels.
SWOT Analysis
Strength: The retail media network market has strong growth potential due to the rising trend of digital advertisements. It provides an integrated platform for retailers and brands to showcase their products digitally. Media publishers can generate additional revenue streams through the retail media networks.
Weakness: Small retailers may find the initial investment and operational costs of retail media networks to be prohibitive. There is also a lack of standardization across different retail media platforms.
Opportunity: Growing e-commerce sales worldwide present an opportunity for retailers to leverage retail media networks to boost online visibility and sales. Customized ad targeting capabilities allow brands to engage customers more effectively.
Threats: Stricter privacy laws pose challenges for data-driven ad targeting. Ad-blocking software reduce the effectiveness of digital ads. Traditional media companies are also expanding into the retail media space.
Key Takeaways
The global retail media network market size is expected to witness high growth.
Regional analysis: North America currently dominates the global retail media network market owing to high e-commerce penetration and tech-savvy consumer base in countries like the US. Asia Pacific is expected to witness the fastest growth led by China, where retail giants such as Alibaba and JD.com have established powerful retail media platforms.
Key players operating in the retail media network market are GATX Corporation, Progress Rail (A Caterpillar Company), TrinityRail, Mitsui Rail Capital LLC, Angel Trains, Beacon Rail Leasing, Railpool, Eversholt Rail Group, Macquarie Group, SMBC Rail Services, VTG Rail Leasing, Mitsui & Co., Ltd., Touax Rail Ltd., CIT Group Inc., The Andersons Rail Group.
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